CBDT issues Income Tax return forms for the fiscal year 2022-23

ITR Form 2022-23:  The Central Board of Direct Taxes (CBDT) has issued Income Tax return forms for individuals, Hindu Undivided Families, businesses, and others for the fiscal year 2022-23.  The notification, which includes ITR forms 1-6, ITR-V, and ITR acknowledgment forms, was issued earlier than last year. Last year it was issued in the first week of April. 

Taxpayers can download the ITR Offline Utility and complete their returns through the same. The CBDT replaced Excel and Java versions of ITR utilities last year with JSON.

ALSO READ: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements

The early notification of ITR forms for this year would provide sufficient time for all stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals, to prepare their returns early.

Types of ITR Forms

There are seven types of ITR forms for different individuals, businesses, and companies. Selecting the correct form is crucial when filing tax returns. If the wrong form is used, the return will be considered defective, and the tax department will send a notice to refill the return.

Simpler forms like ITR-1 and ITR-4 serve small and medium taxpayers who are in large numbers. ITR-1 is for individuals earning up to Rs 50 lakh, receiving income from salary, one house property, and other sources such as interest. It is also for those who have agricultural income up to Rs 5,000. 

ITR-2 is for those earning from their residential property. ITR-3 is for individuals or Hindu Undivided Families earning income under the head “profits or gains of business or profession” and not eligible to file Form ITR-1, ITR-2, or ITR-4. Individuals, Hindu Undivided Families (HUFs), and firms with total income up to Rs 50 lakh and having income from business and profession can fileITR-4. 

Firms and companies can file income tax returns using ITR-5, ITR-6, and ITR-7. ITR-5 and ITR-6 are for Limited Liability Partnerships (LLPs) and businesses. Taxpayers need to ensure they select the correct ITR form based on the sources of income during a particular financial year to avoid any issues.

FAQs

Q1: What are the different types of taxes in India?

There are several types of taxes in India, including income tax, goods and services tax (GST), excise duty, customs duty, property tax, wealth tax, and other taxes. Each type of tax is levied by the central or state government or local authorities based on specific criteria.

Q2: How is the Goods and Services Tax (GST) different from other types of taxes in India?

GST is a value-added tax that replaces several indirect taxes, such as excise duty, service tax, and VAT, with a single tax on the supply of goods and services. Unlike other taxes that are collected by both the central and state governments.

Latest Business News